Wednesday, May 28, 2008
50bn bailout ensures party can go on
guardian: What credit crunch? City bankers receive £13bn bonuses this year
City "workers" have been awarded £13.2bn in bonuses so far this year, suggesting that the credit crunch has yet to be felt in the pockets of most bankers.
The figure is down a modest 1% on the same stage a year ago.
You have to sympathise, they are doing an important job with great personal risk, doing a hard day's work
comparable to soldiers in Iraq.
They really do believe it. And after all that they have to take a 1% hit.
Posted by mken @ 11:10 AM (879 views) Add Comment
16 Comments
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1. sold 2 rent 1 said...
2008 will go down as "The Great Wealth Transfer" year.
We have still yet to hit the blow-off stage of this wealth transfer process.
Only when the robbery is complete will WE demand CHANGE.
In the meantime........MORE destruction please.
2. bystander said...
Disgusting, absolutely disgusting......this will have to go somewhere, London and SE property perhaps or into commodities, firing up the bubble machine. Well done, another example of the sh*t rising to the top.
3. sold 2 rent 1 said...
bystander,
This will have to go somewhere.....YEP
London and SE property perhaps or into commodities .... BEEN THERE DONE THAT
Once the markets realise that the US, UK and EU taxpayers will struggle to ever repay the debts that the bank bailouts have racked up then these currencies will tumble. The wealth transfer will be complete.
So where will the money go? The gold oil ratio of 891/127 (around 7) is still very low indeed.
The gold/oil ratio pendulum has been cranked over HARD LEFT for quite some time. The forces maintaining it there are running out of energy. When the pendulum swings, it swings fast.
Only 1 or 2 pc of the population will realise this robbery before it happens. Will you be one of them?
Gold to be 1500 by early July?
4. icarus said...
£13bn while the banks take a hit. Bank robbery on a far bigger scale than guns and masks ever managed.
5. sold 2 rent 1 said...
£13bn while the banks take a hit.
Not quite
£13bn while the taxpayers take a hit.
6. icarus said...
OK. The taxpayers (or Joe Public in general) via the banks.
7. handle_it said...
I’ve come to the conclusion that for some reason journalist and bloggers alike are perpetually asking why an unregulated financial market doesn’t act in a morally acceptable manner. For me at least, such questions are pointless. Even the most regulated market would only subdue or mask dishonesty. So why do we keep asking? Who are our cries of help aimed at? Certainly not government? Perhaps we believe if the elite ruling classes are scolded on a consistent enough basis they’ll change their ways ? So it seems at least from my perspective that the question of why a certain group of people consistently react in such a passive way is the greater mystery.
8. sold 2 rent 1 said...
handle_it,
"the question of why a certain group of people consistently react in such a passive way is the greater mystery."
Answer: People will always appease corruption and greed if things are OK (EG Nice house/car/job/holidays).
This is why CHANGE can only come from the depths of destruction.
9. icarus said...
handle it - how do you know what bloggers are doing when they're not blogging?
10. the haunted said...
handle_it,
i think you have a point, so the question should really be what can we do about it? Any takers?
11. James said...
Seriously. Before you all go off the deep end (woops, too late) consider that these are the numbers for last year. Which, for the first half, was absolutely stonking. This year, not so much, so the figure you hear about in 2009 will be considerably lower.
12. Rm96696 said...
What can you expect if people/sovereign funds etc. are stupid enough to subscribe rights issues etc. These things (the rights issues etc.) serve to pay out bonuses. Citicorp raised 11 billion dollars and paid out 11 billion dollars in bonuses...
13. sold 2 rent 1 said...
the haunted,
"so the question should really be what can we do about it? Any takers?"
You are not suggesting WE take action and demand CHANGE?
Change will happen but only after the robbery is complete.
The best thing you can do at the moment is take care of your individual savings/wealth
14. it_is_going_with_a_bang said...
Unregulated bankers hmmmmm. What does anyone expect?
The city of london is at the mercy of bankers. the veiled threat is always there that they will take their money elsewhere if regulated.
Thats why nobody will ever challenge the system in which they work.
Money talks and controls everything.
Look at the other set of people who decide their own salary's - MP's! Hardly a good example. They do whatever they like.
Their pay rise suggestions should be on the ballot sheet!
Anyway despite this bonus i doubt they will be rushing to put their money into property - not even in this country. So don't anyone hold their breath about it holding up house prices.
15. bystander said...
James I had a 'stonking' year in 2007 and 'made a difference', but in my line of work I don't get a bonus of millions for risking the stability of the western world. These people, many of whom are doing a decent days work, need to get a more realistic remuneration package and I agree, hopefully, in 2009 they will, but I feel much of the bailout money will go to 'keeping the (TALENT) from going elsewhere".
16. handle_it said...
I personally have never really understood how and why the economy is referred to as a separate entity. It's often considered to be a living breathing friend or foe that can't be tamed or mastered. In fact it's just a manifestation of all our thoughts and desires. Unfortunately from an early state of existence many have used this flow of energy to control others. In principle a currency is of course a desirable for of barter but when its creation is controlled by the state it becomes a tool for good or bad. Certain laws of nature will supersede these controlling forces but over long periods of time. I firmly believe that every thought and action that moves us away from a state controlled fiat currency will accelerate this change. For a start its a good idea to give your time for others. Do as you would be done. Simply grasping as much as you can before anyone else can get it will just lead to more of the same.